Ritholtz Wealth Management Increases Holdings in MGIC Investment Co. (NYSE:MTG)

Ritholtz Wealth Management lifted its position in shares of MGIC Investment Co. (NYSE:MTG) by 15.6% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 80,826 shares of the insurance provider’s stock after acquiring an additional 10,894 shares during the quarter. Ritholtz Wealth Management’s holdings in MGIC Investment were worth $2,069,000 at the end of the most recent quarter.

Several other institutional investors have also recently modified their holdings of the stock. Nations Financial Group Inc. IA ADV increased its holdings in MGIC Investment by 1.6% in the 2nd quarter. Nations Financial Group Inc. IA ADV now owns 35,306 shares of the insurance provider’s stock valued at $761,000 after purchasing an additional 565 shares in the last quarter. Fortem Financial Group LLC grew its stake in MGIC Investment by 1.0% in the second quarter. Fortem Financial Group LLC now owns 75,447 shares of the insurance provider’s stock worth $1,626,000 after purchasing an additional 747 shares in the last quarter. Versant Capital Management Inc grew its stake in MGIC Investment by 482.7% in the second quarter. Versant Capital Management Inc now owns 1,142 shares of the insurance provider’s stock worth $25,000 after purchasing an additional 946 shares in the last quarter. QRG Capital Management Inc. grew its stake in MGIC Investment by 7.7% in the second quarter. QRG Capital Management Inc. now owns 15,152 shares of the insurance provider’s stock worth $327,000 after purchasing an additional 1,081 shares in the last quarter. Finally, GAMMA Investing LLC lifted its holdings in MGIC Investment by 41.7% in the third quarter. GAMMA Investing LLC now owns 4,352 shares of the insurance provider’s stock worth $111,000 after acquiring an additional 1,281 shares during the last quarter. 95.58% of the stock is currently owned by institutional investors and hedge funds.

MGIC Investment Trading Up 0.9 %

MGIC Investment stock opened at $25.67 on Monday. The company has a debt-to-equity ratio of 0.13, a quick ratio of 1.11 and a current ratio of 1.11. The firm has a market cap of $6.84 billion, a price-to-earnings ratio of 9.87, a price-to-earnings-growth ratio of 1.35 and a beta of 1.28. MGIC Investment Co. has a 1 year low of $16.32 and a 1 year high of $25.93. The firm’s 50 day moving average price is $24.82 and its two-hundred day moving average price is $22.61.

MGIC Investment (NYSE:MTG) last posted its quarterly earnings data on Wednesday, July 31st. The insurance provider reported $0.77 earnings per share for the quarter, topping the consensus estimate of $0.62 by $0.15. MGIC Investment had a net margin of 63.19% and a return on equity of 14.97%. The firm had revenue of $305.28 million for the quarter, compared to analysts’ expectations of $301.02 million. During the same period in the previous year, the company posted $0.68 EPS. The company’s quarterly revenue was up 5.0% compared to the same quarter last year. On average, research analysts predict that MGIC Investment Co. will post 2.76 EPS for the current fiscal year.

MGIC Investment Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, August 22nd. Shareholders of record on Thursday, August 8th were given a dividend of $0.13 per share. This represents a $0.52 annualized dividend and a yield of 2.03%. This is a boost from MGIC Investment’s previous quarterly dividend of $0.12. The ex-dividend date of this dividend was Thursday, August 8th. MGIC Investment’s payout ratio is presently 20.00%.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on the company. Roth Mkm lifted their price target on MGIC Investment from $24.00 to $30.00 and gave the company a “buy” rating in a report on Friday, August 2nd. Barclays lifted their price target on MGIC Investment from $23.00 to $24.00 and gave the company an “equal weight” rating in a report on Tuesday, October 8th. Finally, BTIG Research lifted their price target on MGIC Investment from $22.00 to $25.00 and gave the company a “buy” rating in a report on Monday, August 5th. Three research analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $24.50.

MGIC Investment Profile

MGIC Investment Corporation, through its subsidiaries, provides private mortgage insurance, other mortgage credit risk management solutions, and ancillary services to lenders and government sponsored entities in the United States, the District of Columbia, Puerto Rico, and Guam. The company offers primary mortgage insurance that provides mortgage default protection on individual loans, as well as covers unpaid loan principal, delinquent interest, and various expenses associated with the default and subsequent foreclosure.